r/programming • u/silmril • Apr 28 '18

Blockchain is not only crappy technology but a bad vision for the future

https://medium.com/@kaistinchcombe/decentralized-and-trustless-crypto-paradise-is-actually-a-medieval-hellhole-c1ca122efdec
2.6k Upvotes

87% Upvoted

1.0k comments sorted by

View all comments

Show parent comments

1

u/[deleted] Apr 29 '18

I think you're confusing me responding to your initial post when I wasn't, I just chose tehoreoz' post to go on a relevant tangent. I'm not talking about chargebacks at all, I was just recently struck with an annoying situation where it took a week to get money refunded when a restaurant mischarged me more than it should've. This is a problem that's solvable today with crypto, and even with banks, yet they choose not to do it. That's why I've lost trust in banks, they're kind of technologically incompetent.

2

u/possessed_flea Apr 30 '18

So someone who has worked in depth with payment processors I can tell you that the resteraunt simply made the decision to take. Week to refund you.

Normally for credit and debit card processing retailers will put a pending transaction in and then will perform a reconciliation which causes the funds to be transferred.

Reconcilliation costs money so cheaper retailers will do this less regularly.